The US Senate passed a temporary budget resolution that ended the prolonged federal government shutdown and allowed government agencies to resume operations through January 30, 2026.

In November, neither the Federal Reserve nor the ECB held meetings, while a rate cut is expected in the US amid slowing inflation.

The Bank of England kept its policy rate unchanged, maintaining a wait-and-see stance.

In November, the People’s Bank of China, the Central Bank of Brazil, and Bank Indonesia also left policy rates unchanged, focusing on inflation containment and cautious economic support.

Banco de México cut the overnight rate to 7.25% to support economic activity amid slowing domestic and global growth.

Retail sales and industrial activity in the US and China showed mixed dynamics. In China, retail sales slowed, while industrial production continued to grow at a moderate pace.

In November, the US unemployment rate rose to 4.60% amid heightened economic uncertainty, while unemployment in Germany and China edged lower or remained stable. In China, the decline in youth unemployment was partly driven by graduates accepting less prestigious jobs, despite deflationary pressures and external risks weighing on the labor market.

In November, the US Treasury yield curve shifted lower across all maturities except for 30-year bonds.

Short- and medium-term Treasury yields declined as markets priced in an 82.7% probability of a 25 bp Federal Reserve rate cut in December, sharply higher than the previous 50.1%.

The US Dollar Index (DXY) fell to 99.46 by the end of November from 99.80 at the end of October.